This past week, the national news networks have declared Joe Biden the next President of the United States. And although Donald Trump would beg to differ, let’s assume the networks are correct. On today’s show, I want to start to look into the Biden tax plan. No politics, just the facts. This week, we will talk about the tax increases, and next week (pending no major news), we will talk about the tax decreases.

A couple of weeks ago, we talked about the new PPP loan forgiveness application for businesses with loans under $50,000. This podcast provides an update as it may be time for companies to start the loan forgiveness process if they have not already.

Many people have said during the COVID-19 pandemic that "We're all in this together." Well, for many small business owners in Wisconsin, there is a grant using the name "We’re All In Small Business Grant – Phase 2."

The latest PPP (Paycheck Protection Program) loan forgiveness form is for the new guidance issued by the Treasury Department and Small Business Administration (SBA) on October 9, 2020. This new guidance makes it easier for small loans to get forgiven.

A final reminder to people who have not yet filed their 2019 individual tax returns: They are due on Oct. 15, 2020!

Although there are still many unanswered questions and uncertainty regarding the Paycheck Protection Program (PPP), guidance issued within the last couple months is starting to refine the loan forgiveness process. For many employers, it appears that the loan still will be forgiven, but they may need to rely more on payroll expenses than they initially thought.

The tax benefits of Health Savings Accounts (HSAs) apply to a wide range of age groups and income levels. With the tax law changing over the last few years, most taxpayers are now taking the standard deduction, which really limits the amount of deductions available for medical costs. But did you know that you can take an HSA even if you take the standard deduction?

As the cost of childcare continues to increase, more and more parents and guardians are looking for ways to reduce this cost. This credit can help. Learn more about who is eligible, what expenses do and do not count, and how families can decide the best option for them.

From a combat pay exception to a property tax credit in the state of Wisconsin, some of the benefits of being in or retired from the military are really helpful when it comes to doing one’s taxes at the end of the year. Learn more about other exemptions and how one’s surviving spouse may be impacted by certain veteran and military tax benefits.

On Aug. 8, 2020, the President signed four executive orders. One of those orders was to defer certain Social Security payroll taxes until the end of next year. Find out more about this deferral, including income limitations and repayment.